Looks like current common will get no distributions if the current plan is approved. As a stockholder, you cannot vote on the matter. If the judge approves, new stocks will be issued, and Vincent Young will be one of seven new directors. No Distribution to current equity. In effect, this stock will become a shell, with no connection to Young Broadcasting except that is used to be the their stock, but is no longer. Whatever stocks insiders hold, or others, will still own this, but it will no longer represent any ownership of YB.
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